Compass Pathways plc exercised 35,059,448 warrants that were issued on January 13, 2025, generating approximately $200 million in proceeds. The company will issue 15,160,619 American Depositary Shares (ADSs) and pre‑funded warrants to selected institutional investors; the exercise price of the warrants was not disclosed.
The capital will be used to support the late‑stage clinical development of its lead psilocybin therapy, COMP360, fund ongoing COMP005 and COMP006 Phase 3 trials, and the Phase 2b/3 trial of COMP360 in PTSD. The company also plans to accelerate commercial‑readiness activities and provide working capital and general corporate purposes.
The proceeds, combined with a $141 million public offering that closed on February 20, 2026, are expected to extend Compass Pathways’ cash runway into 2028, giving the company additional time to pursue regulatory approvals and prepare for market launch.
Compass Pathways has received Breakthrough Therapy designation from the U.S. Food and Drug Administration and Innovative Licensing and Access Pathway designation in the United Kingdom for COMP360, positioning it to potentially become the first classic psychedelic approved for a mental‑health condition. The company plans to submit a New Drug Application in Q4 2026 and aims for commercial readiness by the end of 2026, though it must still secure DEA rescheduling.
The warrant exercise demonstrates investor confidence in the company’s pipeline and financial strategy, underscoring the importance of continued capital raising to support its high cash burn and pre‑revenue status.
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